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The Public Investment Fund (PIF) reported an annualized portfolio return of 7.2% since 2017 as of the end of 2024, down from 8.7% a year earlier, according to its 2024 annual report (pdf). The fund said performance was supported by domestic investments, expansion of its international portfolio, and strategic partnerships aimed at long-term value creation.
Assets under management AUM rose 19.3% y-o-y to SAR 3.4 tn, with 82% deployed locally, 17% internationally, and 2% in treasuries. Some 87% of assets were managed in-house, with the remainder overseen by external managers.
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Saudi equity holdings accounted for 36% of AUM, or SAR 1.2 tn, up 11 percentage points y-o-y, making it the only portfolio segment to increase its share of total assets. That aligns with PIF’s strategy to trim overseas exposure from 30% to the 18-20% range while doubling down on domestic diversification projects and attracting co-investment from foreign firms in the Kingdom.
Sector development projects fell to 30% of AUM at SAR 1 tn, from 33% in 2023. International strategic investments dipped to 8% at SAR 277 bn and giga projects to 6% at SAR 211 bn.
Where the money is: Energy made up the largest slice of PIF’s portfolio at 32.3%, followed by real estate at 13.8%, multi-sector funds and money markets at 12.7%, IT at 8.7%, and communications at 8.6%.
Looking ahead, PIF is targeting SAR 4 tn in AUM by the end of 2025, with 21% of that in new sectors and 24% in international assets. The fund also aims to contribute SAR 1.2 tn to Saudi Arabia’s non-oil GDP by year-end, creating 1.8 mn jobs. Its 2025 focus will span 13 strategic sectors, including aerospace and defense, automotive, real estate, entertainment, leisure, and sports.
Global bragging rights: Brand Finance named PIF the most valuable sovereign wealth fundbrand globally in 2025, with its brand valuation rising 11% y-o-y to USD 1.2 bn from USD 1.1 bn. The fund also earned a perfect 100% score in the Governance, Sustainability, and Resilience (GSR) rankings, making it one of only nine state-owned investors globally to achieve a triple-digit rating.
